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Latest revision as of 18:41, 10 March 2025

One more week until Tax 24-hour period. Have you filed yours yet? I haven't (probably should aboard that, actually), any time I read in USA Today that roughly 47% of Americans won't even need to worry about paying federal income taxes, I start to wonder if I will even bother. Oh sure, there's the threat of prison time for tax evasion, but really, what is the point if half the damn country isn't going to up and get off scot-free?

In the above scenario, just saved $7,500, but the irs considers it income. Generally if the amount has ended $600, then the creditor can be send which you form 1099-C. How is it income? The government considers "debt forgiveness" as income. Exactly how can a person out of growing your taxable income base by $7,500 with this settlement?

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